Posted on: 15th May, 2006 11:44 am
my friend is going through a divorce and the husband wants her to sign a quit claim on their townhome which they bought after selling their old home. is there any reason why she shouldn't sign? she has nothing else to her name other than her car and $20,000 charged to her card (which i think she was duped into paying off some of their joint debts.)
she has a job and hopes to retire in a few years then again maybe not.
she has a job and hopes to retire in a few years then again maybe not.
hi,
your friend can sign a quit claim deed and hand over her interest in the home if she doesn't want any share from the home. but if there is any mortgage in both of their name then, that should be refinanced to transfer it in her husband's name only.
otherwise if there is any default on her husband's part in paying off the loan then the creditors might come after her and her score can get damaged too.
james
your friend can sign a quit claim deed and hand over her interest in the home if she doesn't want any share from the home. but if there is any mortgage in both of their name then, that should be refinanced to transfer it in her husband's name only.
otherwise if there is any default on her husband's part in paying off the loan then the creditors might come after her and her score can get damaged too.
james
Hi,
Now, both of them is having equal share on the home bought after marriage and it is up to them to decide whether one will leave his/her interests in the property or not.
If she doesn't want to leave her interest it has to be decided in the court and your friend's divorce attorney is the best person to consult with for this purpose.
But even if she agrees to sign a quit claim deed then she must get assured that no mortgage is going to be on her name after that. Otherwise she will not have rights on the home but still she will be liable for the mortgage.
Now, both of them is having equal share on the home bought after marriage and it is up to them to decide whether one will leave his/her interests in the property or not.
If she doesn't want to leave her interest it has to be decided in the court and your friend's divorce attorney is the best person to consult with for this purpose.
But even if she agrees to sign a quit claim deed then she must get assured that no mortgage is going to be on her name after that. Otherwise she will not have rights on the home but still she will be liable for the mortgage.
Hi,
Welcome to MortgageFit Forums.
There are lots of confusions regarding the assets, the debts and the accounts after a divorce, among many people. It's good to see your concern about your friend.
Since the house was bought after their marriage so, it falls under the rule of a community property where both the spouse have equal rights in the property.
Now it's common in divorce cases where one spouse buys out the rights of the other by paying him/her.
If your friend agrees to take the money of her share them she can sign the deed and take way the money but, if she prefers to keep the ownership of her part then she need not sign and things can be settled in the court.
Whatever your friend does she should proceed as per the suggestions of her divorce attorney. It is always better to settle the joint accounts, debts and assets at the time of divorce as otherwise it may pose problems in future.
Feel free to ask if you have any more queries.
God bless you.
For MortgageFit,
Samantha
Welcome to MortgageFit Forums.
There are lots of confusions regarding the assets, the debts and the accounts after a divorce, among many people. It's good to see your concern about your friend.
Since the house was bought after their marriage so, it falls under the rule of a community property where both the spouse have equal rights in the property.
Now it's common in divorce cases where one spouse buys out the rights of the other by paying him/her.
If your friend agrees to take the money of her share them she can sign the deed and take way the money but, if she prefers to keep the ownership of her part then she need not sign and things can be settled in the court.
Whatever your friend does she should proceed as per the suggestions of her divorce attorney. It is always better to settle the joint accounts, debts and assets at the time of divorce as otherwise it may pose problems in future.
Feel free to ask if you have any more queries.
God bless you.
For MortgageFit,
Samantha
How does this work for the boyfriend/girlfriend situation?
Hi Lisa,
I can understand your confusion. The procedure is same for married and unmarried couples.
The person who wants to his/her interest in the property needs to sign a quit claim deed.
For authentication you must get the deed prepared under an attorney. The deed needs to be notarized and recorded in the County's recorder office. Recording of the deed is not compulsory.
I can understand your confusion. The procedure is same for married and unmarried couples.
The person who wants to his/her interest in the property needs to sign a quit claim deed.
For authentication you must get the deed prepared under an attorney. The deed needs to be notarized and recorded in the County's recorder office. Recording of the deed is not compulsory.
Thanks James! I was under the impression this was done with the title company. Do I need to sign the quit claim deed before the ex can refinance?
Yes, you should